Rental properties require hands-on, proactive management to maintain the highest performance levels and help you reach your investment growth goals.
With immense competition in the rental marketplace, following expert guidelines can help reduce vacancy rates and help improve the overall tenant profile within your building. Let’s explore our guide to improving rental property performance.
Enhancing Tenant Screening
Tenant screening and qualification is your opportunity to control the profile of tenants within the building. The tenant profile within the property makes a considerable difference to your ownership experience. For example, implementing a comprehensive tenant screening process can help minimize the number of credit issues and delayed payments on the balance sheet.
As a rental owner, you can build a comprehensive tenant screening process that helps ensure only the most high-value tenants move into your building.
Commit to Preventative Maintenance
Proactive preventative maintenance keeps buildings in peak condition for longer and reduces your capital expenditures as a property owner.
Take the time to complete a comprehensive review of your repair budget. Then pinpoint ways
you can reduce your costs with proactive maintenance. For example, your building team may be able to reduce air conditioning costs for the summer season by booking maintenance during the spring and replacing older components likely to cause repair issues in the short term.
Regular Inspections Help Track Projects
Regular inspections of your rentals can help you identify potentially expensive repair problems to add to your preventative maintenance plan. For example, you or your property management team might inspect the rental roof, plumbing, and windows for water or pest damage. You can organize this process with your tenants to show you’re a proactive and responsible rental operator.
Conduct Comprehensive Financial Reporting
As a rental owner, you likely have a broad data set covering your rental’s performance and projection for the fiscal year ahead. Work with your property management team to review the financials and determine potential areas for improving operational efficiency.
Property management companies often employ accountants who can help you find tax deductions for items such as high-efficiency heating and cooling equipment. They might also identify how you can harness the budget to improve the property and ensure you retain the highest quality tenants.
Follow a Strict Rental Collection Process
Your rental rates and collection policy should be documented within the rental agreements, and your team should follow a strict process for collection. One of the challenges many property owners encounter is they allow one or two tenants to delay a rental payment, which causes further delays in future. These delays stop you from collecting the fair market rate for your property but could impact your ability to improve the building for other tenants.
Work with your local property management service to institute and follow a fair rental collection process.
Analyzing and Enhancing Marketing Performance
Your property competes for renters with rentals across the city. Your marketing strategy must define, attract, and qualify local tenants ahead of your investor rivals. Here’s another area where effective property management services can give you the edge.
Property management companies such as Pacific Quorum can help you match your marketing campaigns with your property rental objectives, ensuring you reach highly qualified potential tenants with your campaigns and consistently achieve optimal returns as you scale your marketing.
Secure Higher Rental Property Returns with Pacific Quorum’s Property Management
Achieving your target ROI with your B.C rental properties requires a coordinated approach to building management. From the flow of tenants into your building to the work on your property, Pacific Quorum is a trusted leader for B.C. property management services. Discover the potential value your property can achieve by requesting your free, no-obligation property management proposal today.
